Open a Canadian Bank Account from the Philippines

Key takeaways

RBC lists the Philippines for online pre-arrival accounts; TD’s phone option is only for China and India
RBC takes up to 3 wires and $75,000 (CAD), in Canadian dollars only
BSP: banks can sell you foreign currency without supporting papers up to USD 500,000 a day, subject to their own checks
You can carry up to PHP 50,000 per person out of the Philippines without BSP approval
Students from the Philippines can use Scotiabank’s Student GIC Program

Which Canadian banks accept applicants in the Philippines?

Start with our general guide to opening an account before you arrive. Here is what applies to the Philippines, checked October 10, 2026.

Bank	Philippines?	Money in before arrival	Notes
RBC	Yes, online	Up to 3 wires, $75,000 total, CAD only	For PR, workers and students aged 13+ (14+ in Quebec), arriving within 12 months
BMO	Listed in BMO’s 2023 launch announcement; the current page says “qualifying countries” without a list	Up to $75,000 (CAD)	Confirm your country when you apply
CIBC Smart Arrival	Check CIBC’s eligible list	One wire, CAD only	Needs your UCI number
National Bank	No country list on its page	One wire, bank to bank	Option for people arriving in less than 90 days; applications from abroad close November 3, 2026
Scotiabank	Student GIC Program only	$5,200 to $50,200 (CAD) wire, including a $200 fee	For international students
TD	No	–	Open in a branch after you land

If none fits, you can open an account in your first days in Canada. In your first year, banks that signed the federal commitment must offer newcomers a $0 a month basic account if you ask.

What documents should you prepare?

Passport. RBC says it must be valid for more than 6 months.
One status document. COPR or IRCC letter for permanent residents. Work permit (IMM 1442) or IRCC letter for workers. Study permit or IRCC letter for students, plus your letter of acceptance or enrolment.
Your UCI (Unique Client Identifier) if you apply to CIBC.
A phone with a camera for RBC’s ID check.
Your bank details in the Philippines for the wire. Send from an account in your own name.

If you arrive on a work permit, note that Scotiabank asks foreign workers for a letter from their Canadian employer confirming annual income when they apply for a credit card. See the full list in ID to open a bank account.

What do Philippine rules say about sending money?

The Bangko Sentral ng Pilipinas (BSP) sets foreign exchange rules. Its FAQ says:

Banks use an Application to Purchase Foreign Exchange form when they sell you foreign currency for eligible payments.
For non-trade purposes, you can buy up to USD 500,000 per day without supporting documents. The bank’s own know-your-client checks still apply.
Above that amount, you need the supporting documents listed in the BSP manual.
Banks may ask for extra documents under their own policies.

For your Canadian account, the key point is currency. RBC and CIBC accept wires in Canadian dollars only. Ask your Philippine bank if it can send CAD before you start. If it cannot, the wire may be rejected. Compare routes in how to bring money from the Philippines.

How much cash can you carry when you leave?

The BSP FAQ sets these limits for people leaving the Philippines:

Pesos: up to PHP 50,000 per person. More needs written BSP approval. For a family, the limit is PHP 50,000 times the number of family members.
Foreign currency: up to USD 10,000 or the equivalent. Above that, you declare the whole amount on the Currencies Declaration Form. Each child travelling with a parent has the same threshold.

Worked example

A family of four leaves Manila for Calgary. Together they can carry up to PHP 200,000 in pesos without BSP approval. If any one of them carries foreign currency worth more than USD 10,000, the whole amount must be declared on the BSP Currencies Declaration Form. When they land, Canada has its own rule. Cash worth $10,000 (CAD) or more must be declared to the Canada Border Services Agency. A wire into their Canadian account avoids carrying large cash. Read BSP cash limits and declaring money in Canada.

Can your Philippine credit history help?

Nova Credit turns some foreign credit reports into a format Canadian lenders can use. BMO’s September 2024 announcement listed the Philippines among nine countries. Not every card or bank accepts it. Check current options in transferring your foreign credit history. If it does not work for you, most big banks still give newcomers a starter card with no Canadian history.

A simple timeline

3 to 6 months before you fly: check that your country and status are accepted. Gather your passport and COPR or permit.
1 to 3 months before: apply online. Ask your Philippine bank how it sends CAD and what it charges.
After the bank gives you wire details: send money from an account in your own name. Keep the receipts.
Week 1 in Canada: go to your branch appointment with the same documents. Get your debit card.
Weeks 2 to 4: get your SIN, set up direct deposit and apply for a starter credit card.

Use our account opening checklist for the full list. Sending money back to family later? See sending money to the Philippines.

Offer as of October 10, 2026. RBC gives up to 30,000 Avion Rewards points for an eligible account opened online before arrival. The account must be opened between July 27 and November 2, 2026. You get 15,000 points for activating in a branch within 12 months. You get 15,000 more for a deposit of at least $2,000. TD’s newcomer offers end November 2, 2026. National Bank says pre-arrival applications and the pre-arrival wire are available only until November 3, 2026. Banks change offers often; confirm on the bank’s site.

How we handle offers. Offers on this page come from each bank’s own website and were last checked on October 10, 2026. Banks change offers often, so confirm the details on the bank’s site before you apply. No bank pays to be included or ranked here. If a link on this page ever earns us a commission, we will label it next to the link.

Common questions

Can I open an RBC account from the Philippines?

Yes. The Philippines is on RBC’s list of eligible countries for its online pre-arrival account. You need a passport valid for more than 6 months and a Canadian status document.

Can I send pesos to my Canadian account?

RBC and CIBC accept pre-arrival wires in Canadian dollars only. Ask your Philippine bank to convert and send CAD.

How much foreign currency can I buy in the Philippines without documents?

The BSP FAQ says up to USD 500,000 per day for non-trade purposes, subject to the bank’s own checks. Larger amounts need supporting documents.

How much cash can I take out of the Philippines?

Up to PHP 50,000 per person in pesos without BSP approval, and up to USD 10,000 in foreign currency before you must declare it.

Does TD open accounts for people in the Philippines?

Not before arrival. TD’s phone set-up is only for people in China or India. You can open a TD account in a branch after you land.

Sources

Checked against these sources on October 10, 2026. Spotted something out of date? Tell us.

Opening a Canadian bank account from the Philippines